Chart of the Day: Still Waiting

• Headline and core CPI and headline and core PPI have all missed consensus economist estimates for a record four straight months.

• While higher inflation has been a certainty among economists since earlier in the year, it sure seems to be taking its time getting here.

This week is big for economic data, especially when it comes to inflation. Ever since the President ratcheted up the rhetoric regarding tariffs earlier this year, economists weren't asking whether the ‘tariff tax’ would lead to inflation, but instead, how severe the inflation would be. Tariffs have only been in effect for a few months now, but the question everyone has been left asking is, "Where is the inflation?"

The answer from economists is that it’s coming, maybe as soon as tomorrow’s July CPI report or Wednesday’s PPI. Leading up to these reports, though, we’ve seen some historic trends emerge in terms of the consistency of weaker-than-expected inflation data.